The Super-VL livecd is a project from the guys @ http://supergamer.org/ .It is NOT an official VL release, questions about it should go to the supergamer forum instead. That being said, I searched their forum a little and found this:

- Password for both accounts is now blank: leave the field empty and hit enter

(For security, whenever using a live CD, it is advised to change the default passwords immediately after logging-in. To do this, enter the command passwd into a terminal. To change the root password, su first)